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South Korea Agrees USD 1 Billion Loan to Tanzania

September 9, 2022
1 minute read
the permanent secretary of the Ministry of Finance and Planning of Tanzania, Emmanuel Tutuba, and Kim Sun Pyo, the South Korean ambassador to Tanzania.

Tanzania and South Korea just signed agreements for USD 1 billion concessional loans to finance development projects.

The agreements were signed by the permanent secretary of the Ministry of Finance and Planning of Tanzania, Emmanuel Tutuba, and Kim Sun Pyo, the South Korean ambassador to Tanzania.

Speaking at the signing ceremony, Tutuba said that part of the funds (TZS 163.1 billion) will be used to finance the national identification system expansion (phase two), and TZS 151.5 billion will go towards the improvement of the national land data infrastructure.

Other projects that will be financed with the loan include the development of the water supply and wastewater treatment in Iringa (TZS 163.1 billion), the construction of the modernized railway training center (186.4 billion), the construction of Binguni Hospital in Zanzibar (TZS 233 billion), and other projects in ICT, health, energy, and infrastructure.

For his part, Korean ambassador Kim Sun Pyo stressed the strong bilateral relations between the two countries and reiterated that the Korean government aims at further strengthen such relations.

Tanzania and South Korea

Since 2004, South Korea through the EDCF has provided Tanzania with USD 640 million to implement various development projects.

More recently, in December 2020, Tanzania and South Korea signed agreements for USD 300 million in concessional loans.

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